Which of the following statements is/are correct? A. A minimum corporate income tax (MCIT) of 1% of gross income from July 1, 2020 t June 2023 and 2% beginning July 1, 2023 is imposed upon any domestic corporatio and resident foreign corporation beginning on the 4th taxable year immediately following the taxable year in which such corporation commenced its business operations. B. MCIT shall be imposed whenever such corporation has zero or negative taxable income, or when the amount of MCIT is greater than the normal income tax due fro such corporation. C. The computation and the payment of the MCIT, shall likewise apply at the time of filing the quarterly corporate income tax. A Lonly B I only I and III only D I II and III

Which of the following statements is/are correct? A. A minimum corporate income tax (MCIT) of 1% of gross income from July 1, 2020 t June 2023 and 2% beginning July 1, 2023 is imposed upon any domestic corporatio and resident foreign corporation beginning on the 4th taxable year immediately following the taxable year in which such corporation commenced its business operations. B. MCIT shall be imposed whenever such corporation has zero or negative taxable income, or when the amount of MCIT is greater than the normal income tax due fro such corporation. C. The computation and the payment of the MCIT, shall likewise apply at the time of filing the quarterly corporate income tax. A Lonly B I only I and III only D I II and III

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 10MCQ

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